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The Chinese government has suspended the construction of new solar farms and cut subsidies in a “surprising” move to rein in the expansion of the solar industry.
According to a notice published by the National Development and Reform Commission, the Ministry of Finance and the National Energy Administration, there will be no target for the construction of utility-scale PV power plants in 2018 and regional authorities should suspend arrangements for plants that require any state subsidies.
Since then, shares in Sungrow Power, the country’s biggest maker of inverters for solar and wind power, tumbled by 10 percent, while GCL-Poly, the world’s largest producer of solar wafers used to make solar panels, slumped 9.2 percent.
The measures are aimed at “promoting the solar energy sector’s sustainable development, enhancing its development quality and speeding up the reduction of subsidies”, the Chinese government said in a statement.
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